Inox Wind (INOXWIND) Q4 23/24 earnings summary

Executive summary

• Achieved a significant turnaround in FY24, with strong growth in revenue, EBITDA, and profitability year-over-year.

• Secured major contracts, including the largest ever awarded to an Indian wind OEM (1,500 MW from CESC) and a repeat 210 MW order from Hero Future Energies.

• Robust unexecuted order book of 2,656 MW, providing high revenue visibility.

• Launched new technology agreements for 4.XMW wind turbines, enhancing future competitiveness.

Financial highlights

• Q4 FY24 consolidated revenue rose 190% YoY to Rs 563 cr; FY24 revenue up 139% YoY to Rs 1,799 cr.

• Q4 FY24 EBITDA reached Rs 140 cr (vs. -Rs 25 cr YoY); FY24 EBITDA at Rs 344 cr (vs. -Rs 242 cr YoY).

• Q4 FY24 profit after tax was Rs 38 cr (vs. -Rs 115 cr YoY); FY24 PAT at -Rs 51 cr (vs. -Rs 697 cr YoY).

• Cash PAT for Q4 FY24 at Rs 81 cr (vs. -Rs 89 cr YoY); FY24 Cash PAT at Rs 73 cr (vs. -Rs 598 cr YoY).

• Execution of 129 MW in Q4 FY24, up 148% YoY; 376 MW executed in FY24, up 262% YoY.

Outlook and guidance

• Targeting net-debt free status in the coming months.

• Expecting substantial improvement in margins and profitability, driven by large order book and new product launches.

• O&M portfolio expected to grow significantly through organic and inorganic expansion, aiming for 6 GW by FY26.